TheLawyer.com reports that working on bankruptcy of the three big broadbandits – WorldCon, Global Double Crossing and Enron has proved to be a windfall for a bunch of law firms. Heading the list is the Weil Gotshal & Manges whose bankruptcy practice now accounts for 20 per cent of the firm’s business – about $160m of a total 2004 turnover of $801m ($439m). The firm has lead roles on MCI (formerly Worldcom), Enron and Global Crossing. and has billed $39.8m for work as chief debtor’s counsel on the MCI bankruptcy, billed $93m for its work on Enron and reaped $11.7m from its work on Global Crossing, The Lawyer adds. Others roosting on WorldCon miseries include Jenner & Block ($21.7m), and Kirkpatrick & Lockhart ($18m.) In comparison, two accountancy giants KPMG and Deloitte & Touche, which claimed a combined $314.4m in fees.
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